NIFTY PHARMA:

As we have mentioned last week that resistance for the index lies in the zone of 11300 to 11400 where 100 Weekly SMA are lying. If the index manages to close above these levels then the index can move to the levels of 11400 to 11600 where 200 Daily SMA is lying. During the week the index manages to hit a high of 11640 and close the week around the levels of 11570.

Minor support for the index lies in the zone of 11200 to 11300. Support for the index lies in the zone of 11000 where channel support for the index is lying. If the index manages to close below these levels then the index can drift to the levels of 10500 from where the index has formed a short term bottom in the month of June – 2016.

Resistance for the index lies in the zone of 11600 to 11700 where 200 Daily SMA is lying. If the index manages to close above these levels then the index can move to the levels of 12000 to 12100 from where the index has retraced in the month of Dec – 2015.

Broad range for the index is seen from 11200 to 11300 on downside to 11800 to 11900 on upside.